An Overview of various Tax Filing Status
FBAR Filing Better Late than Never
FBAR stands for Report of Foreign Bank and Financial Accounts and is a mandatory requirement for a U.S person having a financial interest or signature authority over financial accounts in a foreign country and the aggregate value of these account(s) ...
Tax Treatment of Dividend Income
For tax purposes, dividends are considered either “qualified” or “non qualified.” Qualified dividends are those which stem from the stocks/Mutual funds which fulfill the holding period (usually 61 - 121 days for shares) and are: Tax-free for those ...
Tax Advantages of having a Health Savings Account
Millions of Americans are looking for ways to save on health insurance, control health care spending, and reduce their tax bill. Health Savings Account (HSA) is a TAX ADVANTAGED medical saving account available to taxpayers in the U.S who are ...
If one cannot pay the Federal Tax in full, what options does he/she have?
IRS provides a payment plan option wherein if you're financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement. As long as you pay your tax debt in full under the payment plan, you can reduce ...